GNB Finishes Roadshow

Colombia’s Banco GNB Sudameris has finished its investor meetings in the US, Europe and Latin America. No official details have been announced, but the bank is expected to emerge early this week with an international bond. A 10-year subordinated Tier 2 bond is expected, according to ratings agencies, perhaps at up to $500m. Bank of America Merrill Lynch is managing the process. The proposed 144a/RegS transaction is expected to be rated Ba1/BB+. Last month, GNB agreed to buy HSBC’s operations in Colombia, Uruguay, Peru and Paraguay, for $400m, and subsequently received authorization to issue subordinated cross-border bonds.